Latest / Advisory Secrets with Deb Halliday / From Data to Insight: Mastering the Art of Financial Advisory

Transcript

From Data to Insight: Mastering the Art of Financial Advisory · Advisory Secrets with Deb Halliday

• 0:00
  Foreign.
• 0:09
  Welcome
• 0:10
  to
• 0:10
  Advisory
• 0:11
  Secrets
• 0:11
  with
• 0:12
  Deb
• 0:12
  Halladay,
• 0:13
  the
• 0:13
  podcast
• 0:13
  for
• 0:14
  accountants
• 0:14
  and
• 0:14
  bookkeepers
• 0:15
  who
• 0:15
  are
• 0:16
  ready
• 0:16
  to
• 0:16
  move
• 0:16
  beyond
• 0:17
  compliance
• 0:17
  work
• 0:18
  and
• 0:18
  step
• 0:19
  confidently
• 0:19
  into
• 0:20
  advisory.
• 0:21
  If
• 0:21
  you
• 0:22
  ever
• 0:22
  felt
• 0:22
  there
• 0:22
  must
• 0:23
  be
• 0:23
  more
• 0:23
  to
• 0:23
  your
• 0:23
  role
• 0:24
  than
• 0:24
  year
• 0:24
  end
• 0:25
  accounts,
• 0:25
  tax
• 0:25
  returns
• 0:26
  and
• 0:26
  deadlines,
• 0:27
  you're
• 0:28
  right.
• 0:28
  In
• 0:29
  this
• 0:29
  podcast,
• 0:30
  I'll
• 0:30
  share
• 0:30
  the
• 0:31
  strategies,
• 0:32
  insights
• 0:33
  and
• 0:33
  real
• 0:33
  world
• 0:34
  lessons
• 0:34
  that
• 0:35
  help
• 0:36
  accounting
• 0:37
  professionals
• 0:38
  transition
• 0:39
  from
• 0:39
  technician
• 0:40
  to
• 0:40
  trusted
• 0:41
  advisor.
• 0:42
  We'll
• 0:42
  explore
• 0:42
  how
• 0:42
  to
• 0:43
  lead
• 0:43
  better
• 0:43
  financial
• 0:44
  conversations
• 0:44
  and
• 0:44
  deliver
• 0:45
  real
• 0:45
  value
• 0:46
  to
• 0:46
  clients.
• 0:46
  I'm
• 0:47
  Deb
• 0:47
  Halliday,
• 0:48
  author
• 0:48
  and
• 0:48
  creator
• 0:49
  of
• 0:49
  training
• 0:49
  programs
• 0:50
  for
• 0:50
  accounting
• 0:51
  professionals,
• 0:51
  and
• 0:52
  this
• 0:52
  is
• 0:52
  Advisory
• 0:52
  Secrets.
• 0:53
  Foreign.
• 0:59
  Welcome
• 0:59
  back
• 1:00
  to
• 1:00
  Advisory
• 1:00
  Secrets
• 1:01
  with
• 1:01
  Deb
• 1:01
  Halliday.
• 1:02
  That's
• 1:02
  me.
• 1:03
  Accounting
• 1:04
  professionals
• 1:04
  already
• 1:05
  have
• 1:05
  access
• 1:05
  to
• 1:06
  an
• 1:06
  incredible
• 1:06
  amount
• 1:06
  of
• 1:07
  information.
• 1:08
  Financial
• 1:08
  statements,
• 1:09
  management
• 1:09
  reports,
• 1:10
  forecasts,
• 1:11
  dashboards.
• 1:13
  Every
• 1:13
  month,
• 1:13
  every
• 1:14
  quarter,
• 1:14
  we
• 1:14
  are
• 1:14
  producing
• 1:15
  data
• 1:16
  that
• 1:16
  tells
• 1:16
  the
• 1:16
  story
• 1:17
  of
• 1:17
  a
• 1:17
  business.
• 1:18
  But
• 1:18
  information
• 1:19
  alone
• 1:19
  does
• 1:20
  not
• 1:20
  create
• 1:20
  value.
• 1:21
  Insight
• 1:22
  does.
• 1:22
  Insight
• 1:23
  is
• 1:23
  the
• 1:23
  ability
• 1:24
  to
• 1:24
  look
• 1:25
  at
• 1:25
  those
• 1:25
  numbers
• 1:26
  and
• 1:26
  explain
• 1:27
  what
• 1:27
  they
• 1:27
  actually
• 1:27
  mean.
• 1:28
  Not
• 1:28
  just
• 1:28
  what
• 1:28
  has
• 1:29
  happened,
• 1:29
  but
• 1:30
  why
• 1:30
  it
• 1:30
  matters
• 1:31
  and
• 1:31
  what
• 1:32
  might
• 1:32
  happen
• 1:33
  next.
• 1:33
  It
• 1:34
  is
• 1:34
  the
• 1:34
  difference
• 1:34
  between
• 1:35
  reporting
• 1:36
  and
• 1:36
  advising.
• 1:37
  Most
• 1:37
  business
• 1:38
  owners
• 1:38
  are
• 1:38
  not
• 1:39
  short
• 1:39
  of
• 1:39
  data.
• 1:40
  In
• 1:40
  fact,
• 1:40
  many
• 1:41
  of
• 1:41
  them
• 1:41
  feel
• 1:41
  overwhelmed
• 1:42
  by
• 1:42
  it.
• 1:42
  They
• 1:42
  are
• 1:43
  presented
• 1:43
  with
• 1:44
  reports,
• 1:45
  spreadsheets
• 1:45
  and
• 1:46
  dashboards,
• 1:47
  but
• 1:47
  they
• 1:47
  are
• 1:47
  often
• 1:47
  left
• 1:48
  asking
• 1:48
  the
• 1:48
  same
• 1:49
  question.
• 1:49
  What
• 1:50
  does
• 1:50
  this
• 1:50
  actually
• 1:50
  mean?
• 1:51
  For
• 1:51
  me,
• 1:52
  this
• 1:53
  is
• 1:53
  where
• 1:53
  the
• 1:53
  role
• 1:53
  of
• 1:54
  the
• 1:54
  advisor
• 1:55
  becomes
• 1:55
  incredibly
• 1:56
  powerful.
• 1:57
  We
• 1:57
  take
• 1:57
  what
• 1:58
  can
• 1:58
  feel
• 1:58
  complex
• 1:59
  and
• 1:59
  overwhelming
• 2:00
  and
• 2:00
  we
• 2:00
  turn
• 2:00
  it
• 2:00
  into
• 2:01
  something
• 2:01
  clear,
• 2:02
  relevant
• 2:03
  and
• 2:03
  useful.
• 2:04
  We
• 2:05
  help
• 2:05
  clients
• 2:05
  see
• 2:06
  the
• 2:06
  story
• 2:06
  behind
• 2:06
  the
• 2:07
  numbers.
• 2:07
  For
• 2:08
  example,
• 2:08
  instead
• 2:08
  of
• 2:09
  simply
• 2:09
  reporting
• 2:09
  that
• 2:10
  expenses
• 2:10
  have
• 2:10
  increased,
• 2:11
  we
• 2:12
  explore
• 2:12
  what
• 2:12
  is
• 2:13
  driving
• 2:13
  that
• 2:13
  increase.
• 2:14
  Is
• 2:14
  it
• 2:15
  a
• 2:15
  one
• 2:15
  off
• 2:15
  investment?
• 2:16
  Is
• 2:16
  it
• 2:17
  a
• 2:17
  gradual
• 2:17
  trend?
• 2:18
  Is
• 2:18
  it
• 2:19
  linked
• 2:19
  to
• 2:19
  growth?
• 2:20
  Or
• 2:20
  is
• 2:20
  it
• 2:20
  something
• 2:21
  that
• 2:21
  needs
• 2:21
  to
• 2:21
  be
• 2:21
  addressed?
• 2:22
  And
• 2:22
  more
• 2:23
  importantly,
• 2:23
  what
• 2:23
  does
• 2:24
  it
• 2:24
  mean
• 2:24
  going
• 2:25
  forward?
• 2:26
  Instead
• 2:26
  of
• 2:26
  just
• 2:27
  presenting
• 2:27
  revenue
• 2:28
  figures,
• 2:28
  we
• 2:29
  ask
• 2:29
  better
• 2:29
  questions.
• 2:30
  Is
• 2:30
  this
• 2:31
  growth
• 2:31
  consistent?
• 2:32
  Is
• 2:32
  it
• 2:33
  profitable?
• 2:33
  Is
• 2:34
  it
• 2:34
  coming
• 2:34
  from
• 2:34
  the
• 2:35
  right
• 2:35
  areas
• 2:35
  of
• 2:35
  the
• 2:35
  business?
• 2:36
  Is
• 2:36
  it
• 2:36
  sustainable?
• 2:37
  Because
• 2:38
  growth
• 2:38
  on
• 2:38
  its
• 2:38
  own
• 2:39
  is
• 2:39
  not
• 2:39
  always
• 2:39
  a
• 2:39
  positive
• 2:40
  sign.
• 2:41
  It
• 2:41
  needs
• 2:41
  context.
• 2:42
  It
• 2:42
  needs
• 2:43
  interpretation.
• 2:44
  And
• 2:45
  this
• 2:45
  is
• 2:45
  where
• 2:45
  insight
• 2:46
  begins
• 2:46
  to
• 2:47
  emerge.
• 2:47
  Advisory
• 2:48
  is
• 2:48
  not
• 2:48
  about
• 2:49
  adding
• 2:49
  more
• 2:49
  data.
• 2:50
  It
• 2:50
  is
• 2:51
  about
• 2:51
  improving
• 2:52
  how
• 2:52
  we
• 2:52
  think
• 2:53
  about
• 2:53
  the
• 2:53
  data
• 2:54
  we
• 2:54
  already
• 2:54
  have.
• 2:55
  It
• 2:55
  is
• 2:55
  about
• 2:56
  stepping
• 2:56
  back
• 2:56
  and
• 2:57
  asking,
• 2:57
  what
• 2:58
  is
• 2:58
  this
• 2:58
  telling
• 2:58
  us?
• 3:00
  What
• 3:00
  decisions
• 3:00
  does
• 3:01
  this
• 3:01
  inform?
• 3:02
  What
• 3:02
  needs
• 3:02
  attention
• 3:03
  right
• 3:03
  now
• 3:03
  and
• 3:04
  what
• 3:04
  can
• 3:04
  wait?
• 3:06
  When
• 3:06
  we
• 3:06
  approach
• 3:07
  financial
• 3:07
  information
• 3:08
  in
• 3:08
  this
• 3:08
  way,
• 3:09
  something
• 3:10
  shifts
• 3:10
  in
• 3:10
  the
• 3:11
  conversation.
• 3:11
  We
• 3:12
  move
• 3:12
  away
• 3:12
  from
• 3:13
  simply
• 3:13
  reviewing
• 3:14
  the
• 3:14
  past
• 3:15
  and
• 3:15
  we
• 3:16
  begin
• 3:17
  to
• 3:18
  shape
• 3:18
  the
• 3:18
  future.
• 3:20
  The
• 3:20
  numbers
• 3:20
  become
• 3:21
  a
• 3:21
  starting
• 3:22
  point
• 3:22
  and
• 3:22
  not
• 3:22
  the
• 3:22
  end
• 3:23
  point.
• 3:23
  They
• 3:24
  open
• 3:24
  up
• 3:24
  conversations
• 3:25
  about
• 3:25
  direction,
• 3:26
  priorities
• 3:26
  and
• 3:27
  decision
• 3:27
  making.
• 3:28
  They
• 3:28
  help
• 3:28
  business
• 3:29
  owners
• 3:29
  feel
• 3:29
  more
• 3:30
  confident
• 3:31
  because
• 3:31
  they
• 3:31
  understand
• 3:32
  not
• 3:32
  just
• 3:32
  where
• 3:32
  they
• 3:32
  are
• 3:33
  but
• 3:33
  where
• 3:34
  they
• 3:34
  are
• 3:34
  heading.
• 3:35
  And
• 3:35
  this
• 3:35
  is
• 3:35
  where
• 3:35
  you
• 3:35
  begin
• 3:36
  to
• 3:36
  see
• 3:36
  the
• 3:36
  real
• 3:37
  impact
• 3:37
  of
• 3:37
  advisory
• 3:38
  because
• 3:39
  when
• 3:39
  clients
• 3:39
  understand
• 3:39
  their
• 3:40
  numbers,
• 3:40
  they
• 3:41
  make
• 3:41
  better
• 3:41
  decisions.
• 3:42
  And
• 3:42
  when
• 3:43
  they
• 3:43
  make
• 3:43
  better
• 3:43
  decisions,
• 3:44
  their
• 3:45
  business
• 3:45
  improves.
• 3:46
  And
• 3:46
  over
• 3:47
  time,
• 3:47
  they
• 3:47
  begin
• 3:48
  to
• 3:48
  rely
• 3:48
  on
• 3:48
  you,
• 3:49
  not
• 3:49
  just
• 3:49
  for
• 3:50
  information,
• 3:50
  but
• 3:51
  for
• 3:51
  guidance.
• 3:52
  That
• 3:53
  is
• 3:53
  the
• 3:53
  shift
• 3:54
  from
• 3:54
  data
• 3:54
  to
• 3:55
  insight,
• 3:55
  from
• 3:56
  reporting
• 3:56
  to
• 3:57
  advising,
• 3:57
  and
• 3:58
  from
• 3:58
  service
• 3:58
  provider
• 3:59
  to
• 3:59
  trusted
• 4:00
  advisor.
• 4:01
  Next
• 4:01
  time,
• 4:01
  I
• 4:01
  look
• 4:01
  at
• 4:02
  confidence
• 4:02
  without
• 4:02
  ego
• 4:03
  as
• 4:04
  an
• 4:04
  important
• 4:04
  skill
• 4:05
  for
• 4:05
  advisory.
• 4:15
  Thank
• 4:16
  you
• 4:16
  for
• 4:16
  listening
• 4:16
  to
• 4:17
  Advisory
• 4:17
  Secrets
• 4:18
  with
• 4:18
  Deb
• 4:18
  Halliday.
• 4:19
  If
• 4:19
  you
• 4:19
  enjoyed
• 4:20
  this
• 4:20
  episode,
• 4:21
  make
• 4:21
  sure
• 4:21
  you
• 4:21
  follow
• 4:22
  the
• 4:22
  podcast
• 4:23
  so
• 4:23
  you
• 4:23
  don't
• 4:23
  miss
• 4:24
  future
• 4:24
  insights
• 4:25
  on
• 4:26
  building
• 4:26
  your
• 4:26
  advisory
• 4:27
  role.
• 4:28
  For
• 4:28
  more
• 4:28
  resources,
• 4:29
  training
• 4:29
  and
• 4:30
  support
• 4:31
  for
• 4:31
  accounting
• 4:32
  professionals
• 4:32
  stepping
• 4:33
  into
• 4:33
  advisory,
• 4:34
  visit
• 4:34
  debhalladay.co.uk
• 4:38
  or
• 4:39
  theaccountsoffice.co.uk
• 4:43
  until
• 4:43
  next
• 4:44
  time.
• 4:44
  Keep
• 4:44
  building
• 4:44
  a
• 4:44
  practice
• 4:45
  that
• 4:45
  creates
• 4:45
  real
• 4:45
  value
• 4:46
  for
• 4:46
  your
• 4:46
  clients
• 4:47
  and
• 4:47
  the
• 4:47
  lifestyle
• 4:47
  you
• 4:48
  want.